We examine IPO and acquisition waves, exit choices, and pre-money valuations at exit for 7082 venture-backed private companies over the 19-year period from 1978 through 2006. Consistent with other literature, we hypothesize that levels of IPO and acquisition activity and the choice between IPO...

This paper empirically investigates whether executive compensation has any impact on the IPO pricing. Corporate governance issues including the CEO's compensation are critical to the firm at the time of the IPO as many firms establish a formal separation of ownership and control for the first...

This paper compares three aspects of IPOs on the Toronto Stock Exchange's junior (TSX-V) and senior (TSX) markets: (1) share price performance on the first day and first year, (2) volume on the first day and first year, and (3) days between the predicted IPO date, IPO announcement date and...

This paper divides Chinese A-Share IPO initial returns into the initial return of the primary market and of the secondary market. Our empirical evidence shows that the initial abnormal return on the secondary market is significantly positive. This study also finds that 1) the initial return of...

This study finds evidence of significant long-term underperformance following rights issues made during 1986-95 in the UK. The findings are resilient to a number of methodological controls. In contrast, our results for a smaller sample of open offers made during 1991-95 show strong positive...

This chapter analyzes the securities issuance process, focusing on initial public offerings (IPOs) and seasoned equity offerings (SEOs). The IPO literature documents three empirical patterns: 1) short-run underpricing; 2) long-run underperformance (although this is contentious); and 3) extreme...

We confirm prior evidence that bonds on average are offered at prices below their immediate post-offer secondary market prices. However, in cases where banks lead-manage their own bond offerings the underpricing is significantly less as compared to other non-self-marketed offerings. These...

This paper examines the impact of economic policy uncertainty on initial public offering (IPO) underpricing, using a large sample of IPO firms in China. We find that heightened economic policy uncertainty leads to increasing IPO underpricing. Our results are robust to a battery of sensitivity...

More than 25% of all US firms that file for an IPO withdraw their offering from registration. Our study, which includes 3438 US domestic first-time IPO filings between 1997 and 2014, examines whether in times of high market volatility, high-quality corporate governance and VC backing may serve...

The number of initial public offerings (IPOs) in the U.S. has been much lower since 2000 than in the prior two decades, although there was a surge in IPO activity in 2021. The Securities and Exchange Commission (SEC) has attempted to reduce the regulatory and cost burdens of going public....